IMPERIAL ACADEMY OF STUDIES

CA PARAS PURI’S ACCOUNTS CLASSES

BRANCH 1: SHRI NAGAR & BRANCH 2 : RANI BAGH
9999-090-767, 80100-900-10
TEST -1
MM : 20 (4Q*5M) MAX. TIME : 1 HRS

QUESTION 1
From the following list of balances extracted from the books of R. Dravid & Sons,
prepare a Trial Balance as at 31st March, 2022.
The amount required to balance should be entered as capital.
₹ ₹
Purchases 18,20,000 Proprietor’s withdrawals 60,000
Stock on 1st April, 2021 3,50,000 Sundry Debtors 3,60,000
Sales 40,00,000 Sundry Creditors 1,20,000
Sundry Expenses 15,000 Bad Debts 10,000
Leasehold Premises 5,00,000 Investments @ 10% 2,00,000
Freehold Premises 18,00,000 Interest on Investments 20,000
Return Inwards 25,000 Long-term borrowings 6,00,000
Furniture and Fixtures 2,90,000 Loan from U.T.I. Bank 8,00,000
Equipment 8,00,000 Interest on Loan 65,000
Repairs to Equipment 5,000 Petty Cash Account 400
Depreciation 80,000 Balance at Bank 34,600
Stock on 31.3.2022 4,60,000
(not adjusted)

QUESTION 2
The following Trial Balance has been prepared by an inexperienced accountant.
Redraft it in a correct form :—
Name of Accounts L.F. Balance Balance Discount Allowed 1,200
Dr. Cr. Returns Outwards 2,400
₹ ₹ Returns Inwards 9,600
Cash in Hand 4,100 Capital 30,000
Machinery 25,000 Drawings 6,300
Purchases 66,200 Bank Loan 10,000
Sundry Debtors 24,300 Interest on Loan 1,500
Carriage Inward 1,800 Opening Stock 26,200
Carriage Outward 700 Sales 1,28,700
Wages 17,500 Discount Received 1,600
Rent and Taxes 5,300 Total 1,89,700 1,89,700
Sundry Creditors 17,000

QUESTION 3
The following is the Trial Balance prepared by an inexperienced accountant.
Redraft it in a correct form and give necessary notes :—
TRIAL BALANCE
for the year ending 31st March, 2022
Name of Accounts Balance Balance
Dr. Cr.
₹ ₹
Sundry Debtors ..................................................................... 12,200
CA PARAS PURI’S ACCOUNTS CLASSES 9999-090-767 & 80-100-900-10
Sundry Creditors .................................................................. 9,200
Opening Stock ........................................................................ 15,600
Purchases ............................................................................... 53,500
Purchases Returns ............................................................... 2,100
Cash in Hand ......................................................................... 11,000
Machineiy ................................................................................ 40,200
Goodwill ..................................................................................
Sales........................................................................................... 86,200
Sales Returns ........................................................................ 7,800
Loan from Ram...................................................................... 20,000
Interest on Ram’s Loan ...................................................... 3,000
Bills Receivable ..................................................................... 6,400
Capital ....................................................................................... 57,000
Life Insurance Premium ................. .. .............................. 5,000
Carriage .................................................................................... 600
Advertisement ....................................................................... 2,500
Discount Received ............................................................... 1,500
Investments ............................................................................ 8.000
Interest on Investments .................................................... 800
Total 1,76,000 1,76,600

QUESTION 4
The following Trial Balance has been prepared by an incompetent person.
Draw up a correct Trial Balance :
Name of Accounts Balance Balance
Dr. Cr.
₹ ₹
Opening Stock .................................................................................. 5,40,000
Closing Stock..................................................................................... 7,15,000
Goods bought.................................................................................... 41,40,000
Goods sold ......................................................................................... 60,00,000
Returns Inwards ............................................................................. 80,000
Returns Outwards .......................................................................... 62,000
Carriage Outwards ......................................................................... 2,000
Assets ................................................................................................... 35,00,000
Rent paid ............................................................................................ 64,000
Fuel ....................................................................................................... 15,000
Rent of premises sub-let to Ghanshyam ............................... 24,000
Loan taken ......................................................................................... 8,00,000
Interest on loan taken ................................................................... 96,000
Capital.................................................................................................. 12,00,000
Income Tax ........................................................................................ 40,000
Rates..................................................................................................... 3,000
Customer’s Accounts ..................................................................... 3,88,000
Supplier’s Accounts ...................................................................... 3.10,000
HDFC Bank (Overdraft) ................................................................ 5,25,000
Interest on Bank Overdraft ........................................................ 54,000
Miscellaneous Income .................................................................. 1,000
Suspense Account (difference in books) ............................... 7,000
Total 92,83,000 92,83,000

CA PARAS PURI’S ACCOUNTS CLASSES 9999-090-767 & 80-100-900-10

 IMPERIAL ACADEMY OF STUDIES
CA PARAS PURI’S ACCOUNTS CLASSES
BRANCH 1: SHRI NAGAR & BRANCH 2 : RANI BAGH
9999-090-767, 80100-900-10
TEST -1
MM : 20 (4Q*5M) MAX. TIME : 1 HRS

QUESTION 1
From the following list of balances extracted from the books of R. Dravid & Sons,
prepare a Trial Balance as at 31st March, 2022.
The amount required to balance should be entered as capital.
₹ ₹
Purchases 18,20,000 Proprietor’s withdrawals 60,000
Stock on 1st April, 2021 3,50,000 Sundry Debtors 3,60,000
Sales 40,00,000 Sundry Creditors 1,20,000
Sundry Expenses 15,000 Bad Debts 10,000
Leasehold Premises 5,00,000 Investments @ 10% 2,00,000
Freehold Premises 18,00,000 Interest on Investments 20,000
Return Inwards 25,000 Long-term borrowings 6,00,000
Furniture and Fixtures 2,90,000 Loan from U.T.I. Bank 8,00,000
Equipment 8,00,000 Interest on Loan 65,000
Repairs to Equipment 5,000 Petty Cash Account 400
Depreciation 80,000 Balance at Bank 34,600
Stock on 31.3.2022 4,60,000
(not adjusted)

QUESTION 2
The following Trial Balance has been prepared by an inexperienced accountant.
Redraft it in a correct form :—
Name of Accounts L.F. Balance Balance Discount Allowed 1,200
Dr. Cr. Returns Outwards 2,400
₹ ₹ Returns Inwards 9,600
Cash in Hand 4,100 Capital 30,000
Machinery 25,000 Drawings 6,300
Purchases 66,200 Bank Loan 10,000
Sundry Debtors 24,300 Interest on Loan 1,500
Carriage Inward 1,800 Opening Stock 26,200
Carriage Outward 700 Sales 1,28,700
Wages 17,500 Discount Received 1,600
Rent and Taxes 5,300 Total 1,89,700 1,89,700
Sundry Creditors 17,000

QUESTION 3
The following is the Trial Balance prepared by an inexperienced accountant.
Redraft it in a correct form and give necessary notes :—
TRIAL BALANCE
for the year ending 31st March, 2022
Name of Accounts Balance Balance
Dr. Cr.
₹ ₹
Sundry Debtors ..................................................................... 12,200

CA PARAS PURI’S ACCOUNTS CLASSES 9999-090-767 & 80-100-900-10

Sundry Creditors .................................................................. 9,200
Opening Stock ........................................................................ 15,600
Purchases ............................................................................... 53,500
Purchases Returns ............................................................... 2,100
Cash in Hand ......................................................................... 11,000
Machineiy ................................................................................ 40,200
Goodwill ..................................................................................
Sales........................................................................................... 86,200
Sales Returns ........................................................................ 7,800
Loan from Ram...................................................................... 20,000
Interest on Ram’s Loan ...................................................... 3,000
Bills Receivable ..................................................................... 6,400
Capital ....................................................................................... 57,000
Life Insurance Premium ................. .. .............................. 5,000
Carriage .................................................................................... 600
Advertisement ....................................................................... 2,500
Discount Received ............................................................... 1,500
Investments ............................................................................ 8.000
Interest on Investments .................................................... 800
Total 1,76,000 1,76,600

QUESTION 4
The following Trial Balance has been prepared by an incompetent person.
Draw up a correct Trial Balance :
Name of Accounts Balance Balance
Dr. Cr.
₹ ₹
Opening Stock .................................................................................. 5,40,000
Closing Stock..................................................................................... 7,15,000
Goods bought.................................................................................... 41,40,000
Goods sold ......................................................................................... 60,00,000
Returns Inwards ............................................................................. 80,000
Returns Outwards .......................................................................... 62,000
Carriage Outwards ......................................................................... 2,000
Assets ................................................................................................... 35,00,000
Rent paid ............................................................................................ 64,000
Fuel ....................................................................................................... 15,000
Rent of premises sub-let to Ghanshyam ............................... 24,000
Loan taken ......................................................................................... 8,00,000
Interest on loan taken ................................................................... 96,000
Capital.................................................................................................. 12,00,000
Income Tax ........................................................................................ 40,000
Rates..................................................................................................... 3,000
Customer’s Accounts ..................................................................... 3,88,000
Supplier’s Accounts ...................................................................... 3.10,000
HDFC Bank (Overdraft) ................................................................ 5,25,000
Interest on Bank Overdraft ........................................................ 54,000
Miscellaneous Income .................................................................. 1,000
Suspense Account (difference in books) ............................... 7,000
Total 92,83,000 92,83,000

CA PARAS PURI’S ACCOUNTS CLASSES 9999-090-767 & 80-100-900-10